The cryptocurrency market is closing the week on a bearish note, indicating a strong selling pressure. Various factors are contributing to the negative sentiment in the sector.
Bitcoin Price Retests Key Support Level
Bitcoin has dropped about 1% and approached its critical support level around $102,500. This range has been a stronghold since May. The current BTC price is $102,616 with a trading volume of $34.235 billion. If Bitcoin holds above $102,470, it could retest upper target levels above $104,810.
Ethereum Price Forecast for Next Week
Ethereum (ETH) is once again nearing its key support level at $2,350, which shows signs of potential breakdown. The current price is $2,387 with a market capitalization of $288.38 billion. Technical indicators suggest that a further drop to $2,200 is possible amid bearish sentiments.
XRP Price Analysis and Possible Scenarios
XRP price has repeatedly breached its support level of $2.14, but currently has formed a new support around $2.08. With the current price at $2.08 and a market cap of $122.189 billion, market sentiment indicates a negative target. If the price regains above $2.14, this could lead to potential highs at $2.35 or $2.57 next week.
Negative market conditions remain prevalent, and it is important to monitor developments in the cryptocurrency market. Testing key support levels may determine the future price movements of Bitcoin, Ethereum, and XRP.
